Tata Global Beverages Q1 profit at Rs 77 cr

Tata Global Beverages Ltd today posted a consolidated net profit of Rs 77.69 crore for the first quarter ended June 30, 2012.

In the year-ago period, the company had a consolidated net profit of Rs 160.92 crore that included a one-time gain of Rs 88.90 crore.

The company's profit from ordinary activities after finance cost and excluding exceptional items stood at Rs 153.23 crore in three months ended June 2012.

The same stood at Rs 98.70 crore in the same period a year ago, it said in a statement.

Net sales of climbed to Rs 1,714.88 crore in the 2012 June quarter from Rs 1,455.92 crore in the year-ago period.

On a standalone basis, the company's net profit touched Rs 56.08 crore in the latest June quarter.

In the same period a year ago, it stood at Rs 164.49 crore including the one-time gain.

"Exceptional income in the corresponding quarter of the previous year represents profit arising on sale of non core investments partially offset by exceptional expenditure," Tata Global Beverages said.

Commenting on the results, Tata Global Beverages Ltd (TGBL) Managing Director and CEO Harish Bhat said: "Our operating results for the first quarter of this financial year represent significant progress over the same quarter of the previous year".

The company witnessed volume growth and better performance in India as well as key global markets such as the United Kingdom, notwithstanding selective price increases due to high commodity costs, he noted.

"In addition, we continue to drive a range of operating efficiencies, which is yielding good results," Bhat added.

Shares of TGBL today closed at Rs 115.60 on the BSE, down 2.69% from its previous close.

Tata Global Beverages is a global beverage business and the world's second largest tea company. The group's annual turnover is $1.4 billion and it employs over 3,000 people worldwide.